Formula One made an announcement on Wednesday. It stated that all 10 teams on the grid had agreed to a binding five-year commercial deal. The deal ensures the sport’s future from 2021.
According to a statement, the FIA and Formula 1 have confirmed that all ten teams have agreed to the new Concorde Agreement.
“The agreement will secure the long-term sustainable future for Formula 1,” the statement said.
New regulations are to be introduced in 2022.
“The fans want to see wheel to wheel action and every team having a podium chance,” said F1 boss Chase Carey.
The agreement is named after the Place de la Concorde in Paris. The first deal between the teams, the sport and its ruling body was completed in 1981 at the Place de la Concorde. The agreement is a commercial contract that binds the team to the sport for five years from 2021-26.
Mercedes was initially against signing the contract. However, they announced they were on board at last weekend’s Spanish Grand Prix in Barcelona.